Schaffner slowed down somewhat by extended lockdown in China

Aug 15, 2022

Ad hoc announcement pursuant to Art. 53 LR

Luterbach, 15 August 2022 – The lockdown in China due to the Covid situation impacted Schaffner's business performance at the beginning of the second half of 2021/22. The lockdown of entire economic regions prevented access to local markets, which affected both the Industrial Division and the Automotive Division. In addition, Schaffner was confronted with the temporary closure of production in Shanghai and delays in the shipment of products. Schaffner will catch up on the resulting delay. However, as the lockdown lasted longer than expected and was only lifted at the beginning of June, this will take until the coming fiscal year (1 October 2022 to 30 September 2023). Another negative factor for the Automotive Division is that the automotive industry continues to suffer from shortages of electronic components.

Despite these uncertainties, the Schaffner Group currently expects to achieve the communicated target of an increase in net sales of over 5% (continuing operations) for the full fiscal year 2021/22. The EBIT margin in the second half of the year is expected to be slightly above the level of the first half. (H1 2021/22: EBIT margin of 9.0%). Schaffner will thus achieve a solid result in the current fiscal year, but as a result of these external factors will not reach the guidance, which predicted an EBIT margin at the lower end of the medium-term target range of 10% to 12%.

The Schaffner Group will publish its Annual Report 2021/2022 on 6 December 2022.

Contact Schaffner Holding AG, Investor Relations and Media Office: c/o Dynamics Group, Zurich Thomas Balmer, +41 79 703 87 28 / Edwin van der Geest, +41 79 330 55

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